After a failed breakout at $205, Solana (SOL) is now trading below $190. Analysis suggests that the current price may test support levels.
Current Market Situation of Solana
Solana (SOL) is priced at $188, representing a 6% decline over the past 24 hours. The drop follows a recent 20% rally that lost momentum as it approached the critical resistance level of $205–$206. Crypto analyst BitGuru noted, "$SOL is trading around $189, after failing to hold momentum above the $205–$206 resistance zone."
The pullback has positioned the token in a mid-range zone, with no immediate support nearby. Traders are now watching for a move toward the $172–$176 demand area, where strong buying activity was previously observed.
Long-Term Structure Prospects
Analyst Ali Martinez provided a longer-term view showing an ascending triangle pattern on the 12-hour chart. The price has been forming higher lows since March 2025, with repeated rejections near the $205–$207 area. This setup indicates building pressure beneath a flat resistance. Ali wrote, "Solana $SOL rejected again. Buy the dip at $176 or the breakout at $207. Target stays $300." Traditional resistance levels are outlined using Fibonacci extensions, and a clear breakout above $207 with sustained volume is required.
Institutional Interest in Solana
Solana continues to attract attention from major investment firms. Pantera Capital is preparing to raise $1.25 billion for a Nasdaq-listed company with Solana as a core asset. The fund will start with $500 million, followed by another $750 million through warrants. Galaxy Digital, Jump Crypto, and Multicoin Capital are also reported to be raising $1 billion for a joint Solana reserve. Cantor Fitzgerald is said to be leading the fundraising with the support from the Solana Foundation.
Despite the current decline, Solana remains a focal point for both analysts and institutional investors. The next support levels and the potential for a long-term breakout are key themes to watch for the asset's future dynamics.
